06 Dec 2023
By 24hr Mortgage

You Ask, We Answer: What Are the Pros and Cons of Private Mortgage Insurance?

Home Mortgage Tips, ,
It's easy to get Private Mortgage Insurance (PMI) confused with homeowners' insurance, but PMI is an entirely different thing that may or may not be necessary when it comes to your home purchase. If you're going to be investing in a home in the near future and are wondering what PMI may mean for you, here are some things to consider regarding this type of insurance. Your Down Payment Amount If you've been perusing the housing market for a while, you've probably heard that 20% is the ideal amount to put down when investing in a home; however, you might…
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28 Sep 2023
By 24hr Mortgage

A Quick Look at Reverse Mortgages: The Golden Ticket to Enjoying Your Golden Years

Home Mortgage Tips, ,
With a high volume of millennials set to enter the real estate market this year, it may seem like all the available options out there were created to snag new home buyers. However, there are products available on the market that cater to those who are in their golden years too. If you're older than 62 and are currently weighing the options with your mortgage, here are the basics on reverse mortgages and why they might positively benefit you. The Scoop On Reverse Mortgages It may seem like this mortgage option hasn't been around that long, but it was actually…
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27 Sep 2023
By 24hr Mortgage

Understanding Mortgage Amortizations and Why Longer Periods Can Cost More

Home Mortgage Tips, ,
Buying a home is one of the largest investments you will make in your life, and that's why so many people have longer mortgage amortization periods to pay down the principal. While it may seem appealing to have a longer amortization period, here's why an extended loan term can end up costing you more and may be less financially beneficial when it comes right down to it. About Mortgage Amortization Generally speaking, a 25-year mortgage amortization period can be typical, but there are many loan periods that a homebuyer can choose for amortization. While a longer-loan period may seem enticing…
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20 Sep 2023
By 24hr Mortgage

Looking to Pay Back Your Mortgage Faster? Three Reasons to Consider Switching to Bi-weekly Payments

Home Mortgage Tips, ,
While there are differing schools of thought when it comes to whether or not a person should pay off a mortgage before the loan term ends, there may be some benefits to making payments on a bi-weekly basis as opposed to monthly basis. What are some of the reasons why it may be beneficial to make two payments a month instead of one? Here are three reasons why you should ditch the monthly fees and make payments once every two weeks. You'll Make An Extra Payment Per Year If you're looking to pay off your mortgage ahead of schedule, making…
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15 Sep 2023
By 24hr Mortgage

Understanding the Differences Between ‘Prequalified’ And ‘Preapproved’ For a Mortgage

Home Mortgage Tips, ,
Are you in the market for a new home? If you are going to rely on mortgage financing to cover some of the purchase cost, you will need to start the application process as soon as possible. However, what if you just need to know how much you will be able to borrow so you can start finding homes in your price range? Let's take a quick look at the difference between being 'prequalified' and 'preapproved' for mortgage financing. The Process Starts With Prequalification The first step in obtaining mortgage financing is to speak with a mortgage professional to get…
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20 Jun 2023
By 24hr Mortgage

Legal Documents You Need When Buying a House

Home Mortgage Tips, ,
Buying a house can be an exciting but complex process that involves many legal requirements. You will need to provide several documents to your lender and the seller. The specific documents required may vary depending on the lender and the type of loan you are applying for, but here are some of the most common documents you may need: Proof of Income: This may include pay stubs, W-2 forms, and tax returns from the past two years. Bank Statements: You will need to provide bank statements for the past two to three months to show your savings and checking account…
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